New Delhi, May 20 -- Mumbai-listed Nazara Technologies Ltd said Tuesday it has bought Curve Games, a United Kingdom-based independent video game publisher for console and personal computer platforms, for Rs 247 crore ($28.8 million) in cash.
The deal, which follows a slew of such acquisitions, is in line with Nazara's strategy to expand its presence in the PC and console gaming market, as it improves its global publishing capabilities and diversifies its revenue streams, the Indian gaming company said in a statement.
Curve Games, operated by Curve Digital Entertainment Ltd, has published games that have collectively recorded over 100 million downloads. It has a presence in markets across North America, Asia Pacific, and Europe, Nazara said.
"This acquisition deepens our capabilities, brings exceptional IP (intellectual property) into our fold, and strengthens our mission in building Nazara as a global gaming powerhouse from India," said Nitish Mittersain, CEO of Nazara.
The deal comes about four months after the gaming firm raised Rs 495 crore from Arpit Khandelwal, founder and managing partner of investment firm Plutus Wealth Management LLP, and Mithun Sacheti, founder of jewellery brand Caratlane.
Curve, whose operations are primarily based out of the UK and Canada, partners with third-party developers and offers them financial support, technical assistance, and creative guidance for games.
Currently, it owns two development studios-Iron Oak, known for its flagship title For The King, and Runner Duck, which created the Crew franchise. Other popular games that it has published include Bomber Crew, Human Fall Flat, Wobbly Life, Badlands Crew, and Dungeons of Hinterberg.
"Curve's proven expertise in PC and console publishing makes them an ideal partner as we expand our focus beyond mobile into high-quality, cross-platform gaming. Curve will also serve as a gateway to the world for Indian game developers," Mittersain said.
The British company reported £24.4 million of revenue in the calendar year 2024, down from £26.5 million in 2023. Its operating profit fell to £10.6 million in 2024 from £10.9 million previously.
"Nazara's ecosystem, access to emerging markets and long-term orientation make them a strong strategic partner. We are aligned in our vision of building a leading global indie publishing platform," said Stuart Dinsey, Executive Chairman of Curve Games. The company is led by CEO Susan Planck.
Nazara, founded in 2010, has been going heavy on its 'acquire and scale' strategy over the last few years. It operates in a decentralised manner, allowing these businesses to operate autonomously by their management. The company has added multiple offerings across interactive gaming, e-sports, adtech and gamified early learning ecosystems through its inorganic strategy.
The company has been on an acquisition spree in a bid to improve its international presence in offline play. Earlier this month, it invested in the seed round of ReelSaga, a mobile-first entertainment startup. Its subsidiary Absolute Sports, the parent company of Sportskeeda.com, acquired two IPs- TJRWrestling.net and ITRWrestling.com, to improve its presence in the combat sports publishing industry.
Earlier this year, it bought two popular game IPs-'CATS: Crash Arena' and 'King of Thieves'-to improve its mobile gaming portfolio from a Barcelona-based game developer for $7.7 million. Previously, it invested Rs 196 crore ($23.1 million) in five companies late last year. Its subsidiary Nodwin Gaming agreed to buy gaming and esports media company AFK Gaming. Its strategic moves also include the acquisition of Trinity Gaming India, Comic Con in India, German esports and gaming marketing agency Freaks 4U Gaming, West Asia and Turkey-focused marketing agency Publishme, Singapore-based live events firm Branded, and Turkish esports and gaming company Ninja Global.
Published by HT Digital Content Services with permission from VC Circle.